https://www.taxtmi.com/caselaws?id=26090 Interest payable on instalments of estate duty is not deductible from property income as an annual charge because the duty is not itself an annual charge and payment by instalments does not alter its character; the claimed deduction was therefore disallowed. Interest on liabilities taken over by the assessee is deductible under section 57(iii) only where it is laid out wholly and exclusively to earn the relevant income. As the Tribunal found no nexus between the interest payment and the lease rent from the property, that deduction was also denied. Both claims were rejected, leaving no allowable deduction on either ground. en-us Fri, 06 Jun 1986 00:00:00 +0530 Tue, 02 Feb 2010 16:47:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26090 Interest payable on instalments of estate duty is not deductible from property income as an annual charge because the duty is not itself an annual charge and payment by instalments does not alter its character; the claimed deduction was therefore disallowed. Interest on liabilities taken over by the assessee is deductible under section 57(iii) only where it is laid out wholly and exclusively to earn the relevant income. As the Tribunal found no nexus between the interest payment and the lease rent from the property, that deduction was also denied. Both claims were rejected, leaving no allowable deduction on either ground. Case-Laws Income Tax Fri, 06 Jun 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26090